{"id":3084,"date":"2023-02-01T13:07:12","date_gmt":"2023-02-01T13:07:12","guid":{"rendered":"https:\/\/placng.org\/Legist\/?p=3084"},"modified":"2023-02-01T13:41:49","modified_gmt":"2023-02-01T13:41:49","slug":"finally-emefiele-speaks-on-naira-redesign-policy-before-the-house-of-reps","status":"publish","type":"post","link":"https:\/\/placng.org\/Legist\/finally-emefiele-speaks-on-naira-redesign-policy-before-the-house-of-reps\/","title":{"rendered":"Finally, Emefiele Speaks on Naira Redesign Policy Before the House of Reps"},"content":{"rendered":"\n<p>On January 31, Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele appeared before the House of Representatives ad-hoc Committee on New Naira Re-design and Naira Swap Policy to speak on the naira re-design policy. The chamber had repeatedly invited Emefiele and even threatened to sign an arrest warrant to compel him to appear before the House to answer questions on the naira re-design\u00a0policy, insisting that the CBN was acting in contravention of section 20 of the Central Bank of Nigeria (CBN) Act 2007. \u00a0In 2022, the CBN had announced January 31 as the deadline for the use of the old naira notes for transactions. However, it eventually bowed to pressure to extend the deadline to February 10 due to the scarcity of the new notes. While this was a welcome development in several quarters, the House ad-hoc Committee on the New Naira Re-design led by the House Majority Leader, Hon. Alhassan Doguwa rejected the extension, insisting that the CBN should comply with section 20 of the CBN Act.<\/p>\n\n\n\n<p><em>Section\n20 (1), (2) and (3) of the CBN Act provides as follows: <\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><em>The currency\nnotes issued by the Bank shall be legal tender in Nigeria at their face value for\nthe payment of any amount. <\/em><\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><em>The coins\nissued by the Bank shall, if such coins have not been tampered with, be legal\ntender in Nigeria at their face value up to such amount or amounts as may be\ndetermined, from time to time, by the Bank. <\/em><\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><em>Notwithstanding\nsub-sections (1) and (2) of this section, the Bank shall have power, if\ndirected to do so by the President and after giving reasonable notice in that\nbehalf, to call in any of its notes or coins on payment of the face value\nthereof and any note or coin with respect to which a notice has been given\nunder this sub-section, shall, on the expiration of the notice, cease to be\nlegal tender, but, subject to section 22 of this Act, shall be redeemed by the\nBank upon demand. <\/em><\/li><\/ul>\n\n\n\n<p>Appearing\nbefore the House on Tuesday, &nbsp;January 31,\nGodwin Emefiele explained that while the old naira notes will cease to be used\nfor transactions on the February 10 deadline, the Central Bank will still\ncontinue to collect these notes after the deadline in accordance with section\n20 (3) of the CBN Act. He explained that the naira redesign and cashless policy\nwas in the interest of the country, particularly to moderate inflation and combat\ninsecurity. He also stated that out of N2.7 trillion of old notes in\ncirculation, the CBN had retrieved N1.9 trillion. <\/p>\n\n\n\n<p>The\nHouse which did not go on recess last week like its Senate counterpart in order\nto address the naira swap issue, eventually adjourned plenary to February 28. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>On January 31, Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele appeared before the House of Representatives ad-hoc Committee on New Naira Re-design and Naira Swap Policy to speak on the naira re-design policy. The chamber had repeatedly invited Emefiele and even threatened to sign an arrest warrant to compel him to appear [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3093,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-3084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/comments?post=3084"}],"version-history":[{"count":3,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3084\/revisions"}],"predecessor-version":[{"id":3097,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/3084\/revisions\/3097"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media\/3093"}],"wp:attachment":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media?parent=3084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/categories?post=3084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/tags?post=3084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}